Weight loss, cryptocurrency fraud among BBB’s top 10 scams of 2017

Online dating, weight loss and cryptocurrency scams were among the Better Business Bureau’s list of top scams that duped Canadians out of millions of dollars last year.

On Wednesday, the organization released its 10 best-of-the-worst types of fraud of 2017, based on what was most commonly reported through the Canadian Anti-Fraud Centre and the BBB Scam Tracker website.

The total loss through fraudulent schemes has been steadily increasing in the past three years, primarily due to more consumers moving to online purchasing, BBB president Danielle Primrose said in a news conference.

Money-transfer wire fraud, also known as “spearphishing,” and income tax scams are also on this year’s list.

While scammers bilked Canadians of more than $95 million, investigators believe about five per cent of victims actually come forward to report their loss, suggesting that actual losses across the country are closer to $2 billion.

The national list comes just days after the Mission RCMP and Federal Serious and Organized Crime Unit arrested four people believed to be involved in “gifting circles,” a pyramid scheme that’s made its round through B.C. in the past, that could involve more than 1,000 people in the Lower Mainland.

“Everyone is a target now,” Primrose said. “Staying informed and on top of the numerous ways scammers try and get your money is key to making sure you don’t fall victim. That’s why we do this every year. Recognize it, report it, stop it.”